Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1887-06-25
THE V HEAT CORNER.
The Collapse of the June Wheat
Deal.
A Large Number of Big Houses go to
the Wall.

CHICAGO, June Is, 1o:45 a. m.-The an
nouncement In regard 10 Kershaw & Co.
seems 10 have been well founded, and That
firm Is apparently meeting all claims. Rumor
puts the amount OF money at their command
at 81, 0o0, 900. The bears are steadily pound
ing the market, however, and prices since 10
O'Clock have declined At 1916 July whes.
was 70; from there 1t dropped to 74S1, then
down to 14, then to 1914 and up IS to a.,
and at 10 SO It was 73b. The June option
also declined, selling at 75X al 1918 and at
- at 10 80, remaining at 70 at IL n. III. July
advanced again and at ii Il. IN. sold al 1874.
IL q. m.-The last raid by the bears has had
a disquieting effect Gil the board, Gnd there Ia
a renewal OF the nervous excitement and un-
certainty OF yesterday and early this morning.
This was probably increased by the rumort that
kerssaw &.Co. would margin their wheat
down 10 - only. At 10 81 the wheat pit was
as quiet as on any ordinary day, when the
bears made another raid on July wheat ana 1t
sold Down by jumps To 49,, 1921, 1915, 13,
then w 10 1874 and back again u 10. The
pit is once more al nervous excitement and
uncertainty. Members who had sought other
pits during the calm have again returned TO
the wheat pit. At IL 20 a. IN. liberal orders
to bay wheat are coming In FROM outside
points and the market is becoming steadler.
July sold up to "A and is now quoted al 1891,
with q stronger tendency.
MORE FAILURES ANNOUNCED.
81 80 .. m.-Four more failures have just
been announced on change. The firms are
J T.. b. Beldins & Co., Crosby & Co, Hubbard
& Co.. and NJ. b. Crafts. Belding e Co. claim
20 be even on the market. The suspension Of
Hibbard d CO. and Crosby ~ Co. caused sur
prise, as both came Unexpectedly, Hubbard
& Go. claim TO be solvent. July wheat dropped
to 1871.
l2.l5 p. m.-The suspension OF 8. NJ. Rob
insen and Crafts d. Go. has been announced.
IL Is as yet utterly impossible to give any adc-
suate information of the amount Involved in
the failures Of the morning. B,J. McCleary's
downfall is the heaviest, and will reach more
firms than any other. McCleary, IL is said,
was in the deal quite heavily, but in the
present unsettled state Of affairs even the
members OF the firm have not learned how
they stand, Their margins are open and
trades unsettled, and until matters are adj
justed 1t will be next TO impossible to tel
how any OF the firms stand. The excite
ment in the pit is increasing, sud
the bears are sayagcly raiding the mar
kct. At ~ :52 al the July wheat was sent
down TO 1924. From there 1t dropped 10 IN,
tLen to rs, then to 724, and then 10 -;
then to 1l1., and then IA one jump to IL.
Another drop Of u cent was recorded At two
minutes past noon, when the market touched
1u12, and then advanced in a jump to II.
KERsHAw * co. POSTED.
NHltAOO DhbC -htAEld ~ W. "
officially posted as having failed TO 20 through
Jhc clearing house. This means a collapse.
The immediate cause of the failure was due 10
Rusenteldt 81 Co., who garni,heed kershaw's
account in the American Exchange National
bank.
Kersbaw & Co.. also announce that they are
perfectly solvent al the present market prices
OF June wheat but are all tied UP. II the
market holds firm they claim they will be able
TO pull through. j. q. Edwards * Co. an.
nouuce that they are even on the market but
will not be able TO put mp excessive margins.
TIE CLOSING HALF HOUR.
CHICAGO, June ID, l p. 1.-The closing
half hour on Change witnessed almost u COM
pletc subsistence OF the intense excitement
which prevailed when july wheat broke to 20.
Shortly after noon the announcement that
Ksrshaw had failed to meet his clearinghouse
differences was posted, but it seemed 10 have
little effect on prices. kershaw said he could
meet ali the claims against his firm If Roseg.
feldt bad not garnisheed the money which he
checked against, thereby tying up l,000, 900
which rumor says be had to his credit.
The following firms also failed 10 90 through
the clearinghouse: ). ID. EiGreIge, NJ. b.
Crafts f. Co., H.. NJ. Matthews, Youst "
Briefly, b. j.. McCleary, II. j. Yous n Co.,
Hibbard & Co. and Pickering a. Co. Just be-
fore the close of the session /. b. BeldiDg ~
Co. announced that they were even on the
market and requested their trades should not
be closed out. The morning session closed
with a tirmer feeling. During the last hour
July wheat tuctuated between 13sW1lH,
the latter figures being the highest Of tue
hour.
THE WORST THOUGHT TO BE OVER.
The day closes with the prevailing feeling
that the worst is now over. July wheat
opened at %, jumped to 1871, reacted to 1874,
advanced to 13s4 within nve minutes after
the opening. The announcement that Ker-
shaw & &c. will be able to pay their obliga-
lions has created intense excitement. July
has reacted slightly, being quoted at Is at
2:15 o'clock.
EFFECT On GRAIN SHIPMENTS.
The break in the wheat corner and excite
ment on the board OF trade has not had the
effect OF cutting OF, for the time, all ship
ments both for export and eastern consump-
ton. Shippers here are AL at sea regarding
prices, and can do nothing until the panic Is
over and trade settles back into legitimate
channels. 1t is believed In railroad offices
that shipments will not be resumed before
the first Of the week, although all interested
officials agree in asserting that the restora-
ton OF wheat to normal prices will have the
effect to swell east-hound tonnage for the
next three months to double the usual pro-
portions.
HEAVY SUIT AGAINST WILTSHIRE.
Ia the circuit court to-day suit was com
menced by the falling firm OF Rosenfeldt <
Co. against Wiltshire, Eckert j. Co.., OF Gin
cinnati, for 81 600, 900. A deputy sheriff Sc
cured service during the afternoon on Wit,
shire, while the latter was engaged IL con
ference with a Dearborn street banker. MIR.
ROsenfeldt said tonight that the suit was en-
tirely Of a civil nature, but what the develop
ments would be he was not prepared to state.
The suit had been brought in a hurry In order
10 secure service on defendant WILTSHIRE
while he was in town, and details OF the pro
ceedings were still in a childhood state. The
basis for the suit Is defendants failure tC
put up margins as they agreed to. Wiltshire
would not be interviewed on the subject ano
left the city this evening.
REGULATING PASSENGER RATES